The U.S. Securities and Exchange Commission (SEC) has significantly increased its enforcement activities targeting cryptocurrency firms in 2024. The regulatory body has managed to accumulate $4.7 billion in fines, marking a staggering 3,018% rise compared to the previous year.
This year's enforcement actions were notably influenced by a landmark settlement with Terraform Labs. Terraform Labs, known for its involvement in the Terra ecosystem collapse and the UST stablecoin, played a major role in the SEC's hefty fine total.
The increase in fines reflects the SEC's intensified focus on bringing regulatory compliance to the fast-evolving cryptocurrency sector, which has long been marred by controversies and regulatory challenges.
